Description

Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits. Ever since, the immediate cause of the period's rise in inflation has been extensively debated. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Contributors map monetary policy from the 1960s to the present, shedding light on how the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.

The Great Inflation: The Rebirth of Modern Central Banking

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Hardback by Michael D. Bordo , Athanasios Orphanides

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Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to... Read more

    Publisher: The University of Chicago Press
    Publication Date: 28/06/2013
    ISBN13: 9780226066950, 978-0226066950
    ISBN10: 0226066959

    Number of Pages: 544

    Non Fiction , Business, Finance & Law

    Description

    Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits. Ever since, the immediate cause of the period's rise in inflation has been extensively debated. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Contributors map monetary policy from the 1960s to the present, shedding light on how the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.

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